Monthly Archive for September, 2016

: September, 2016

Oil advanced to its a second monthly gain, after OPEC agreed to its first production cut in eight years on Wednesday. Futures rose as much as 0.9 percent in New York as the dollar retreated, bolstering investor demand for commodities. Prices are up 7.5 percent for the month, heading for the first September increase since … …

OKLAHOMA CITY — The U.S. Department of Justice has opened an investigation into possible antitrust violations by Chesapeake Energy Corp. The agency has subpoenaed documents related to how the driller pays royalty owners and accounts for oil and gas reserves, the Journal Record reported. Chesapeake disclosed the subpoena on Thursday in a regulatory filing with … …

Energy companies sent 11 more drilling rigs into U.S. oilfields this week, another sign that an industry recovery is underway as prices stabilize, the oilfield services firm Baker Hughes reported Friday. The number of active rigs across the nation has now climbed from a low of 406 in May to 522 this past week, according … …

OPEC finally blinked in its two-year price war with U.S. oil producers. Whether that translates into a financial victory for the American shale industry remains to be seen. Oil prices and the shares of U.S. drillers kept climbing on Friday, two days after the Organization of Petroleum Exporting Countries promised its first production cut in … …

Cheniere Energy Inc. offered to buy the 20 percent of Cheniere Energy Partners LP Holdings LLC it doesn’t already own in a stock-for-stock exchange valued at $21.90 a share in a deal that simplifies its corporate structure. The Houston company, the first to export U.S. shale gas, is offering 0.5049 Cheniere shares for each outstanding share … …

Exports of petroleum products climbed significantly last year, driven by increases in shipments of gasoline, propane, and distillate fuels, such as diesel and heating oil, the Energy Department said. Petroleum exports climbed nearly 500,000 barrels a day in 2015 from the previous year, the Energy Department said. Exports of distillates, the biggest segment of U.S. … …

The shutdown of the Colonial Pipeline last month, which cut supplies to the East Coast, led to record draw down of gasoline stockpiles in the Southeast, the Energy Department said Friday. The flow of gasoline from Gulf Coast refineries was halted by a leak in the pipeline near Birmingham, Ala., which stopped service between Sept. … …

Surely the latest actions by OPEC in Algiers threatens the very core of the cartel, given its members have agreed to something that is going to be extremely difficult to follow through on. To coin a phrase (well, kind of) from Top Gun, the cartel’s oil ministers are writing checks that OPEC can’t cash. OPEC is currently … …

Noble Energy has warned employees that it’s planning additional job cuts as part of efforts to “streamline” exploration and focus on its highest-performing oilfields. The company declined to disclose how many employees would lose jobs in what would be the company’s fourth round of layoffs in 18 months. “We are working through the process and … …

The move took many by surprise. OPEC members agreed Wednesday to a preliminary deal that will cut the cartel’s oil production for the first time in eight years, boosting hopes in Houston that crude prices will quickly climb above $50 a barrel and accelerate the industry’s nascent recovery. RELATED: Winners and losers in OPEC’s plan to … …